"20 July 2019" Archive

Amendments proposed in Finance (No. 2) Bill, 2019

List No. 3′ LOK SABHA ——– FINANCE (NO.2) BILL, 2019 [As introduced in Lok Sabha] Notice of Amendments S.No Name of Member and text of Amendment Clause No. SMT. NIRMALA SITHARAMAN: 7 Page 6, for lines 47 to 49, substitute.- “(viii) income arising outside . India, being any sum of money referred to in sub-clau...

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Posted Under: Income Tax |

ICAI Post-Budget Memorandum – 2019

Clause 25 – Proposed section 80EEA - Tax incentive for affordable housing – Certain concerns to be addressed In order to promote affordable housing, the Finance (No. 2) Bill, 2019 proposed to introduce a new section 80EEA so as to provide an additional deduction of up to Rs 1,50,000/- for interest paid on loans borrowed up to 31.03...

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Posted Under: Income Tax |

DGGI arrests one person for issuing bogus GST invoices

The Directorate General of GST Intelligence Hqrs. (DGGI Hqrs.) has arrested one person, namely, Shri Anupam Singla son of Shri Krishan Kumar Singla, permanent resident of Sirsa, Haryana, who had created about 90 fake firms for the purpose of issuing bogus invoices without supply of goods thereon....

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Posted Under: Income Tax |

Section 194D – TDS on insurance commission

The present article covers the provisions of TDS applicability on insurance commission contained under section 194D of the Income Tax Act, 1961. Provisions of section 194D of the Income Tax Act, 1961 As per provisions of section 194D, the person who is responsible for making payment to a resident person for the below mentioned income [&he...

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Posted Under: Income Tax |

Form CMP-08 – Statement Cum Challan for Composition Taxpayers

Form GST CMP –08- Statement for payment of self-assessed tax for Composition Taxpayers Vide notification no. 20/2019 – Central Tax dated 23rd April 2019, the Central Goods and Service Tax (Third Amendment) Rules, 2019 were introduced. With the said introduction, the return filing requirement of the Composition Scheme dealers was modif...

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Posted Under: Income Tax | ,

Critical Aspect of Significant Beneficiary Owner

Ministry of Corporate Affairs vide   its notification dated 13/06/2018, had notified the Companies (Significant Beneficial Owners) (SBO) Rules, 2018 along with Section 90 of the Companies Act, 2013 as amended by the Companies Amendment Act, 2017 to eradicate money laundering and to unmask the hidden owners of the company. Further,On 08....

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Posted Under: Income Tax |

SEBI Proposes Stringent Norms for Resignation of Auditors

There have been a significant number of instances of abrupt resignation of Statutory Auditors from listed entities in recent times. In most of the cases, the statutory auditors have suddenly resigned without completing their assignments for the year, generally citing ‘pre-occupation’ as the reason for resignation. The Watchdog SEBI on...

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Posted Under: Income Tax |

Income tax registration U/s. 12AA cannot be denied for one suspicious donation

M/s Urmila Devi Charitable Trust Vs CIT (Exemptions) (ITAT Delhi)

If the genuineness of a donation in one year is doubted, the addition, if any, can be made in the assessment of the relevant assessment year in accordance with law. However, that, by itself, would not be sufficient to withdraw the registration under Section 12AA(3)....

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Only Mistake apparent on the face of record can be rectified u/s 254

Kamaljit Singh Prop. Dhanoa Brothers Vs ITO (ITAT Amritsar)

Where on a fair reading of the judgment of the Co-ordinate Bench, it appeared that it had taken into account all relevant material and had not taken into account any irrelevant material in basing its conclusions, then the decision of the Co-ordinate Bench, was not liable to be interfered with, unless, of course, the conclusions arrived at...

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Preliminary steps for fulfillment of purpose of business| set up of business | Section 35D

Indian Railway Stations Development Corporation Ltd. Vs Pr. CIT (Delhi High Court)

Where in service sector, the entity has involved itself in various kinds of steps, some of which are preliminary to setting up the main substantial commercial venture such as appointment of key personnel, preparation of draft model development agreement and initiation of process to tender financial and advisory services, then, claim for d...

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